Security Deposits
I have lived in my current apt for four years. I never got notification of my security
deposit being held in an interest bearing acct. My landlord is ignoring my messages.
I can only think it was never put in a seperate acct. Any help would be appreciated.
Thank you!
Deposit should have been deposited in an interest bearing account.
You should have been notified in writing ( electronic is OK) of the institution where it was placed.
Might want to be aware that interest rates over the past several years have been really low.
The increase in value of your deposit will be really, really low.
But you are entitled to it.
I have been a landlord. depending on your amount which I assume isn't much, you prob have made maybe one dollar for four years. but yes they should have provided you with the bank account number like I did my renter.
With the interest rate near zero it would be in the cents range - not worth pursuing. Banks don't even send out tax forms for interest on saving accounts anymore. Wait till the interest rates go negative and you start paying the banks to hold your money.
Jan '22
You probably got 25-50-75 cents a year for your Security Deposit. Is it worth pursuing? Send a letter to your landlord. perhaps you will get it back after you move!
I don't think the OP cares so much about how much interest there is. It sounds like she wants proof it exists.
CBGB
My thoughts exactly. I had to write a check for 1 1/2 times my rent increase for them to deposit in an account to keep the deposit current to my rent. It goes in an account at TD bank and every year in January I get a statement telling me what interest may have accumulated in the account over the past year and giving me a check for the interest earned (a bit over $2.00 this year).
Do you have a copy of the lease? I include this information on the lease, so it is there the very first time you sign.
Not interested in the interest\, I think the deposit never made it to an account.
It is stated in the lease that it was going into an account. I believe it was spent. Is there a law against this? Why would they ignore my simple question? Thanks
As long as you have proof that you paid it, not only are you OK, but if your Landlord fails to adhere to the rules you might be in line for a little “ windfall”.
NJ Booklet on the subject of Renters Rights and Security Deposits:
https://www.nj.gov/dca/divisions/codes/publications/pdf_lti/secty_deposit_bulletin.pdf
yeh it HAS to be deposited. Every year I would send my renter the year end statement showing the interest.
Thank you all.., very irritated, no communication from them and several repairs also need attention
Are you sure it's not on your lease? Most leases say somewhere on them "Security deposit held at _______ Bank" or something like that. There is no law or rule that says a Landlord has to give you the actual account number.
Regardless, if you move out and did no damage, the Landlord has to return your deposit whether he did the proper thing and put it in an RSA account or put it in a jar on his shelf. If you are entitled to any interest (probably like .02 cents for 4 years) you can request that as well when you move.
Is there a reason you are worried about this now? Just curious.
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